Pandora A/S shares plunged the most in more than six years after the company said revenue for 2017 will be lower than its prior forecast, citing a number of “external factors” including a difficult U.S. retail climate and currency headwinds. The market “will have little patience with the excuses,” Jyske Bank analyst Frans Hoyer said, adding that a change of chief financial officer also raises red flags.

Pandora disney orecchini, which lost more than a quarter of its market value last year after hedge funds speculated against the stock, fell as much as 15 percent in Copenhagen. Still, some analysts defended the company, with Sydbank’s Soren Lontoft Hansen noting that growth targets for 2018-2022 show that “business is doing okay.”

2017’s shortfall is mainly vivienne westwood and underlying performance is “on par with our model,” though 2018-2022 targets are below expectations, Hoyer said by email.

“The market will have little patience with the excuses” and the “change of CFO may also be an indicator of problems.”

The preliminary 2017 report is “on the weak side," showing that “Pandora is facing a tough retail situation on its mature markets,” Lontoft Hansen said by phone.

2018-2022 Ebitda margin target of 35% is also “weaker than expected and will mean that the market consensus will have to be adjusted down.”

On the positive side, 7%-10% growth target for 2018-2022 “is likely to satisfy the market as it underlines that vivienne westwood gioielli milano business is doing okay and is not about to collapse.”

Hiring Anders Boyer as a new CFO is also a positive. “Anders Boyer has a lot of strong abilities and is a good communicator. He’s not just a numbers guy, but a modern CFO who focuses on telling the story about the company.”